Planning for retirement is a crucial part of life. Most people can expect to live for many years after retirement. Having a plan in place is essential to ensure there will be enough income to maintain a happy, worry-free lifestyle after retirement. Deciding whether to stay put or move to another area is a decision that must be included in the planning process. Moving to an area where the cost of living is lower might be necessary to reduce the amount of money needed to retire. Oklahoma is known for having a low cost of living compared to all other states. It is definitely a state worth considering in the retirement planning process.
Calculating the Cost of Retirement
Determining exactly how much money is needed to retire can be complicated. There are online calculators and worksheets that can help estimate that amount. The basic standards are that the present yearly income times an inflation rate factor needs to be calculated. This needs to be done for every year of life expectancy after retirement age. That amount is the approximate total that is needed to retire. Then the expected amount of Social Security plus any pension and trust fund amounts that will be received are added. There is a Social Security calculator online to help determine that monthly amount if it is unknown. The difference from the amount needed to retire and the anticipated amount received is what needs to be saved in order to live comfortably.
More often than not, people come up short in the amount they need to retire. They often find themselves working longer and struggling to save any extra. Before they know it, they are 70 years old, and still not able to retire comfortably. The sooner retirement planning is started; the easier it is to understand exactly what is needed when retirement age comes. Investments really come into play when understanding the cost of retirement. Many people dream of retiring at 65 their whole lives, and with proper planning, that can definitely become a reality.
Why Retire in Oklahoma?
Oklahoma is becoming a popular destination for retirees. It may not be the first state that comes to mind, but can be an appealing option. The climate is a big draw for many people. The summers can be hot and humid, but the winters tend to be pleasantly mild. The average high temperature in January is 46 degrees, and the low is 25 degrees. That is not bad considering the temperatures for that time of the year in the northern states. Outdoor lovers will enjoy the many lakes and beautiful mountains. There are plenty of fishing spots available, as well as superior hunting land. The people of Oklahoma are very friendly. A stranger will feel at home in no time with the hospitality of the people around the state. It is peaceful, but offers plenty of activities for a retired person to keep occupied.
For those with a limited budget, Oklahoma is very promising. The cost of living is lower than average. Home prices are considerably lower than most other states. Considering home prices in other popular areas to retire, prices are usually less than half what it would cost in California or Florida for the same size home. Property taxes are also among the lowest around. This could turn into a large annual savings. These are all great options to consider when planning for retirement. Saving money can be detrimental in determining if it is possible to retire. Oklahoma could be just the place to make that happen.
Best Places to Retire in Oklahoma
Bartlesville
Though the entire state is beautiful and relatively inexpensive, a few locations stand out above the rest. Bartlesville is a small town in Oklahoma that can be considered a great retirement community. Even though it is not labeled so, it fits the retirement profile. It is full of culture and fine arts. It is home to Frank Lloyd Wright’s skyscraper. People can ride to the top of the skyscraper and look out at the beauty below. The town features museums, music festivals, shopping, and plenty of excitement. Fine dining and small cafés are scattered around the town. It is also a short distance from the Ozark Mountains. The excitement of town or the beauty of the mountains is just a short drive apart. Bartlesville offers a low cost of living, even with all the added amenities.
Oklahoma City
Oklahoma City is an option for those that enjoy the city life but at a fraction of the cost of more popular places. For example, Florida and California are great places to retire, but the cost is less than affordable. Oklahoma City offers the fun of the big city and is very affordable. There are many shops, sporting events, clubs, and fancy restaurants. Oklahoma City continues to grow, adding new activities and experiences at every turn. Even with all these great amenities, home prices stay at a level drastically lower than other comparable cities. Whether it is peace and quiet or the city life that sounds attractive, Oklahoma City offers it all. A comfortable retirement awaits those who choose this location.
Broken Bow and Lake Eufaula
Broken Bow and Lake Eufaula are two other top retirement spots in Oklahoma. They both offer great adventures for the outdoorsman. Lake Eufaula is popular for fishing and water sports. The many man-made lakes are a fisherman’s dream. Broken Bow is a popular hunting spot. It also has excellent fishing and canoeing. It sits below of the Kiamichi Mountains, making for a spectacular view. Both locations are peaceful and serene. The miles of mountains, woods, and lakes provide endless enjoyment. Like the other popular locations in Oklahoma, the cost of living is well below average. Home prices are also low. The neighbors are friendly. Anyone who dreams of hunting, fishing, or the outdoors after retirement will find Broken Bow or Lake Eufaula the perfect place to call home.
Retirement Planners
Knowing exactly what needs to be done in order to retire at a desired age may be too overwhelming to understand without outside help. People may think they know what needs to be done but have no idea how to get there. Investment options can be complicated and risky. People often do not want to venture in that area on their own. That is not a problem. There are plenty of educated retirement planners to make the process easier. In choosing a retirement planner, the planner should have credentials. A planner needs to have experience in financial planning. Communication skills are also important. Goals and needs must be communicated and questions readily answered. A good retirement planner will take the time to make sure all the goals of the individual are addressed and an acceptable plan is in place.
LPL Financial
LPL Financial is a retirement planning firm in the central part of Oklahoma. Located in Stillwater, clients concerns are a top priority for Mr. Gunn, the planner. He has 39 years of experience, and welcomes meeting the needs of new clients. He is part of a large firm, but offers a very individualized service.
Rimmer Retirement Advisors
Rimmer Retirement Advisors is located in Oklahoma City. Mr. Rimmer has over 24 years of experience. He worked at Edward Jones and Company before starting Rimmer Retirement Advisors. Personal service is his priority and staff is always available to answer the telephone. Questions are always promptly answered.
Merrill Lynch
Merrill Lynch is also located in Oklahoma City. Carter Baumert is the branch manager in the downtown office. Clients come first in this office, and short and long-term goals are always discussed. They offer a variety of retirement options intended to build the wealth.
There are a number of retirement planners available around Oklahoma. Some firms are better known than others, but many of the smaller firms are just as experienced. Researching different firms or planners can help determine who is most qualified. Discussing specific issues with the planner can only then determine if the planner is a perfect match for each individual situation.
Planning for retirement is vital to ensuring years of enjoyment when the time comes. Making sure enough money is set aside can be difficult and stressful. The internet provides worksheets to help figure out just how much money that is. Retirement planners can help with investment options and answer any questions that may arise. Retiring in Oklahoma gives retirees a low cost of living, below average home costs, and low property taxes. Oklahoma offers excitement and peace and quiet, both of which a retiree may find appealing. Planning for retirement in Oklahoma can save a considerable amount of money and make the dream of retirement a reality.